BNY Mellon will let institutional clients stake crypto without moving assets. Galaxy Digital is the infrastructure partner. The bank also plans tokenized Treasuries and blockchain-based stock transfer registry.
Bank of New York Mellon partnered with Galaxy Digital to offer institutional staking on its digital asset custody platform, the two companies announced. The service is subject to regulatory approval. Galaxy will serve as the infrastructure provider and design partner.
The deal lets BNY's institutional clients stake assets without moving them to a separate custodian. Staking locks certain cryptocurrencies to validate blockchain networks in exchange for rewards, a practice large investors increasingly demand for returns on their holdings.
BNY launched crypto custody in 2022 and has steadily expanded its blockchain presence. The bank manages tens of trillions of dollars in assets under custody and administration, making its moves in this sector a benchmark for the global financial industry.
The expansion goes beyond staking. BNY recently said it will migrate its central stock transfer registry to blockchain technology, creating a unified on-chain ownership ledger meant to reduce reliance on multiple intermediaries. It also plans to introduce continuous-hour settlement for traditional and tokenized Treasuries in 2027, and to start testing tokenized Treasuries on a private blockchain before the end of 2026.
Galaxy's role as a partner reflects a pattern among large custodians: delegating specialized technical infrastructure to crypto-native firms while keeping the direct client relationship. For Galaxy, the agreement strengthens its position as a financial services provider for traditional institutions entering digital assets.
BNY's Alpha Score stands at 78 out of 100, a "Strong" rating in the Financials sector.
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